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Bequests

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What will your legacy be?

A bequest to Holy Cross can be a powerful expression of your faith in the future of the College. Over the last ten years Holy Cross alumni, parents, and friends have bequeathed more than $30 million to the College through their wills and estates. These critical resources help to support and affirm the Jesuit, Catholic mission and have allowed Holy Cross to grow and flourish through the years, generation after generation. You, too, can acknowledge the role Holy Cross has played in your life and make a lasting difference for the College and for your own personal legacy.

Remembering Holy Cross in Your Will

A legacy gift provides significant future support to Holy Cross while allowing you to retain the flexibility to update your plans as circumstances change. An unrestricted gift is the most useful because it can be allocated to the College’s highest priorities. However, a gift for a specific purpose is also vital and may take the form of named scholarship, endowed chairs, research equipment, works of art, and the like. Many individuals establish endowments that honor the memory of a family member or cherished mentor. These endowments live forever because only the income is used annually.

All types of assets, including cash, securities, real estate, and tangible personal property, can be transferred to Holy Cross through your estate. You may also consider naming the College as the beneficiary of your qualified retirement plan, donor advised fund, or life insurance policy.

Residuary bequests are used to give all or a portion of the rest, residue and remainder of your estate after payment of expenses and any specific amounts designated to other beneficiaries.

Specific bequests are used to make a gift of a specific dollar amount or specific assets, such as securities, real estate, or personal property.

Suggested Bequest Wording

Because a will is an important legal document, you should seek an attorney’s help. To assist you with this important process, we offer some suggested bequest wording below. However, each individual situation is unique and, therefore, these examples include only some of the possible gift opportunities. Designation of the use of the funds bequeathed (devised, in the case of real property) can, or should, be as detailed as is felt necessary to adequately describe the desired use and purpose of the bequest. We encourage you to share your final will provision with Holy Cross to ensure that your wishes will be properly followed and recognized.

Unrestricted Gift:

I give, devise, and bequeath to the TRUSTEES OF THE COLLEGE OF THE HOLY CROSS, a nonprofit corporation existing under the laws of the Commonwealth of Massachusetts located in Worcester, Massachusetts, Tax Identification Number 04-2103558 (hereinafter, the College), the sum of $_____ (or, ___ percent of my residuary estate) to be used at the discretion of the College for its general purposes.

Restricted Gift:

I give, devise, and bequeath to the TRUSTEES OF THE COLLEGE OF THE HOLY CROSS, a nonprofit corporation existing under the laws of the Commonwealth of Massachusetts located in Worcester, Massachusetts, Tax Identification Number 04-2103558 (hereinafter, the College), the sum of $_____ (or, ___ percent of my residuary estate) to be used for [state the specific fund or purpose, e.g., financial aid, athletics, faculty resources].

Restricted Gift with Endowment Provision:

I give, devise, and bequeath to the TRUSTEES OF THE COLLEGE OF THE HOLY CROSS, a nonprofit corporation existing under the laws of the Commonwealth of  Massachusetts located in Worcester, Massachusetts, Tax Identification Number 04-2103558 (hereinafter, Holy Cross or the College)  _____ percent of the rest, residue and remainder of my estate to establish the ____________________ ENDOWED FUND. The principal of this fund shall be invested as part of Holy Cross’s permanent endowment and in accordance with its policies. The income therefrom is to be used by Holy Cross for ________________________________. Contributions may be added to the fund at any time.

Because endowments are established in perpetuity, it is impossible for the College to anticipate any or all of the changing circumstances that may affect, positively or negatively, the objectives for which this endowment was created. If, at some time in the future, it is the opinion of the Trustees of the College of the Holy Cross that all or part of the income from this fund cannot be usefully applied to the objectives as stated in the foregoing paragraph, the Trustees of the College of the Holy Cross may use the income for a purpose which, in their opinion, most nearly resembles the donor’s original objective.

If you are interested in creating a restricted fund through your estate plan, we encourage you to contact the Holy Cross Office of Gift Planning to discuss the specifics of your desired gift and how it aligns with the College’s needs. This conversation will also help ensure that your wishes can be fulfilled by the College.

Let Holy Cross Say “Thank You”

If you have already named Holy Cross as a beneficiary to your will, trust, retirement, or other qualified plan, please let us know so that we can welcome you as a member of the 1843 Legacy Society. By joining the 1843 Legacy Society, you become part of the Holy Cross legacy and will help to inspire others to support the College with future gifts.

Quick Facts

Legal Name: Trustees of the College of the Holy Cross
Tax ID Number: 04-2103558
Contact Information:
Office of Gift Planning
College of the Holy Cross
One College Street
Worcester, MA 01610
508-793-3481
giftplanning@holycross.edu
http://holycross.giftplans.org

The information presented on these Web pages is not offered as legal or tax advice. You are urged to seek the advice of your tax advisor, attorney and/or financial planner to make certain any gift you are considering is appropriate for your specific circumstances.

 

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